Surviving The British Banking System – For Credit File Challenged People

[Never-In-Doubt]

Re: Surviving The British Banking System – For Credit File Challenged People

I have seen an instance of dispute arise with JD Williams due to them taking money by Direct Debit sooner than they should, and I have seen a thread where Vanquis made over ten nuisance telephone calls a day to someone with a registered disability.

I can't say too much here but I am testing this exact method as we speak.....

I will start a full thread in protected legal section however suffice to say, lets see how Vanquis & N Brown (JDW) cope when they call me 10 times a day

So far I have threatened to rip some fuckers head off and shit in his dead skull - he said "excuse me, is there really any need for that" - well yes mate, actually there is!

More later (in legal section)

SH - well done, excellent reading and very versed. Thanks for this very useful info

[Undercover Elsa]

Re: Surviving The British Banking System – For Credit File Challenged People

This is brilliant. So much work has gone into it too.
Thankyou SH, you're a star

[IF]

Re: Surviving The British Banking System – For Credit File Challenged People

Brilliant thread, well done SH

[bwbrownie]

Re: Surviving The British Banking System – For Credit File Challenged People

Absolutely fantastic and well researched thread, thank you S H

BWBrownie

[ScabHunter]

Re: Surviving The British Banking System – For Credit File Challenged People

SH - well done, excellent reading and very versed. Thanks for this very useful info

Thankyou SH, you're a star

Brilliant thread, well done SH

Absolutely fantastic and well researched thread, thank you S H

Thank you, everyone, for your positive feedback. It is encouraging to know that the effort was worthwhile. I would just love it if someone came on here and posted that they had found the answer to their banking problems and were now able to move ahead.

The content on here won't help you improve your credit score, for that you need Niddy's threads linked to above, but it should help people cope with the early years when defaults are fresh and no-one wants to know you.

If anyone has any questions, post them here and I'll do my best to answer them. I obviously can't open every bank account in the world to test them personally, so if you spot any errors do please PM me and let me know. Basic bank accounts especially are constantly changing, so if you know of anything which does change, also let me know. My aim is to keep this thread constantly updated and accurate.

SH

[kuma]

Re: Surviving The British Banking System – For Credit File Challenged People

Excellent thread.....thanks for your hard work SH.

[lookingforward]

Re: Surviving The British Banking System – For Credit File Challenged People

Don't know how I missed this.
Truely excellent work and so helpful.
As someone who's just admitted to himself how much a failed business has affected him for the last 5 odd years, thinking everyone was after him, scared to do anything that might make him visable to the system in case he started getting hounded again, and a SHIT to live with.....................this is fantastic and has spurred me to get out there once again.
Thank you

[ScabHunter]

Re: Surviving The British Banking System – For Credit File Challenged People

Don't know how I missed this.
Truely excellent work and so helpful.
As someone who's just admitted to himself how much a failed business has affected him for the last 5 odd years, thinking everyone was after him, scared to do anything that might make him visable to the system in case he started getting hounded again, and a SHIT to live with.....................this is fantastic and has spurred me to get out there once again.
Thank you

Thank you so much for your kind comments, and I hope the thread has been helpful.

It is now time I updated this thread, as there has been a significant development which is now offering those with credit file challenges a new option for a personal basic bank account.

There is a new bank on the High Street, albeit one with a familiar name. TSB has now broken away from Lloyds Banking Group (commonly known as “HaemorrLloyds” in the industry), and is listed independently on the stock exchange as TSB Banking Group PLC. I won't go into details here, as there are plenty of other places where you can read those if you are interested. What I'm sure people reading this want to know is, what are the benefits to the beleaguered debt-ridden bank account seeker?

The good news for those with damaged credit files is that the new TSB basic account is as good as any on the market. It rates jointly as the No. 1 choice, along with the Co-op Cashminder. This means increased choice for those who need a basic account. It is also an ideal 'parachute account', as the bank has no history (although anyone with a Lloyds TSB alleged debt should obviously exercise caution). The primary consideration when choosing a basic parachute account is that it must be from a bank which is entirely separate from any banking group with which you have alleged debts. However, within that parameter, you still want to choose the best available.

SH

[ScabHunter]

Re: Surviving The British Banking System – For Credit File Challenged People

Here is my new assessment of basic bank accounts -

GOOD BASIC ACCOUNTS

Joint 1st Place

Co-op Cashminder

Gives you everything you need except a cheque book. You can set up Direct Debits to pay your bills, make online transfers in and out, and you get an unrestricted VISA Debit Card.

Joint 1st Place

TSB Cash Account

Gives you everything you need except a cheque book. You can set up Direct Debits to pay your bills, make online transfers in and out, and you get an unrestricted VISA Debit Card.

3rd Place

Yorkshire Bank Readycash

Offers every facility except a cheque book, but the card is slightly more restricted. You can set up Direct Debits to pay your bills, make online transfers in and out, but the card is Maestro rather than VISA, meaning that it will be accepted in slightly fewer places.

For those in Scotland, Clydesdale has the same features as Yorkshire Bank.

4th Place

Nationwide Cash Card Account

Offers every facility except a cheque book, but there are some negative features. You can set up Direct Debits to pay your bills, make online transfers in and out, and the card is a VISA Debit Card.

However, there are some potential problems, which may or may not affect you. Firstly, The VISA card can only be used in the UK. If you travel abroad, you can still get around this by using a prepaid debit card. Virgin Money even do one denominated in Euros or US Dollars.

For some extraordinary reason, Nationwide's online banking is the only one which will not work on a Linux operating system. We Linux users are in a minority, so even though this was enough to make me abandon my Nationwide account, it may not be a problem for you.

POTENTIALLY GOOD BASIC ACCOUNTS

Barclays Cash Card Account

Barclays and HSBC basic accounts vary, because some applicants are given VISA Debit Cards, and some are not. If you get one, the Barclays account is as good as the top choices. If you don't, it would rate as a poor basic account. The way to get round the lack of a debit card is by combining the account with a prepaid Mastercard such as Kalixa Pay or the Orange Cash Card.

Undischarged bankrupts have no choice, as Barclays is the only bank which will offer them even a basic account. Obviously, they will not get the debit card. They can qualify for Kalixa or the Orange Cash Card, as those products are offered entirely without credit scoring.

HSBC Basic Bank Account

Barclays and HSBC basic accounts vary, because some applicants are given VISA Debit Cards, and some are not. If you get one, the HSBC account is as good as the top choices. If you don't, it would rate as a poor basic account. The way to get round the lack of a debit card is by combining the account with a prepaid Mastercard such as Kalixa Pay or the Orange Cash Card.

AVERAGE BASIC ACCOUNTS

Lloyds Bank Cash Account

Offers every facility except a cheque book, but the card is severely restricted as to where it can be used for cash withdrawals. You can set up Direct Debits to pay your bills, make online transfers in and out, but the VISA Debit Card can only be used to withdraw cash at machines within the same banking group, or the Post Office.

NatWest Bank Basic Account

Offers every facility except a cheque book, but the card is severely restricted as to where it can be used for cash withdrawals. You can set up Direct Debits to pay your bills, make online transfers in and out, but the VISA Debit Card can only be used to withdraw cash at machines within the same banking group, or the Post Office.

RBS Basic Account

Offers every facility except a cheque book, but the card is severely restricted as to where it can be used for cash withdrawals. You can set up Direct Debits to pay your bills, make online transfers in and out, but the VISA Debit Card can only be used to withdraw cash at machines within the same banking group, or the Post Office.

POOR BASIC ACCOUNTS

Halifax Easycash

This one is insane. Halifax actually prevent their basic account customers having access to the counter staff! You also get an Electron card instead of VISA, making it considerably more restricted. You can at least set up Direct Debits, and make online transfers in and out.

Santander Basic Current Account

Poor, because it does not come with any type of debit card. You can set up Direct Debits to pay your bills, and make online transfers in or out. To make the account usable, it needs to be run in conjunction with a prepaid Mastercard such as Kalixa Pay or the Orange Cash Card.

DREADFUL BASIC ACCOUNTS

Metro Bank Cash Account

Sadly, Metro Bank's basic account is the worst on the market, because it does not allow the setting up of Direct Debits to pay bills, and it does not even allow outbound online transfers. It does come with a Mastercard, but it is only really usable if you are not the person in your household who pays the bills.

The positive side is that Metro Bank do try harder than other banks to get people upgraded to the Current Account, which obviously has none of these restrictions. If you have three years of clear history, Metro Bank is definitely worth trying.

I obviously recommend getting the best basic account you can, ideally one of the top two choices which give you everything you need except a cheque book. It is even possible to get around that restriction, as long as you are in a position to commit £100 to savings. A Bank of Baroda Saving Account, which is not credit scored, comes with a VISA card and a cheque book. However, you will need to maintain an average balance of greater than £100 over each quarter to avoid charges. I have used a Bank of Baroda Saving Account successfully for well over a year now.

SH

[CleverClogs (RIP)]

Re: Surviving The British Banking System – For Credit File Challenged People

Lloyds Banking Group (commonly known as “HaemorrLloyds” in the industry)

Because they have piles of money or because they're a pain in the arse?

[Never-In-Doubt]

Re: Surviving The British Banking System – For Credit File Challenged People

Because they have piles of money or because they're a pain in the arse?

Both, surely....?

[CleverClogs (RIP)]

Re: Surviving The British Banking System – For Credit File Challenged People

Quite possibly...

But don't call me "Shirley".